Island Housing Trust

“Form 990 was reviewed with the governing board to ensure that all board members had the opportunity to ask questions and obtain a complete understanding of the financial information contained in form 990 prior to the form 990 being filed.”

“The organization maintains a conflict of interest policy. Board members and key employees are required to disclose annually interests that could give rise to conflicts.”

“The organization has a review process and a payroll review committee comprised of the sitting board president and two other board members, at least one of which, like the board president, is a member of the board's seven-member executive committee. Once the performance review is completed, the executive director submits to the review committee an updated work plan for the coming year. The review committee also reviews the executive director's compensation and makes recommendations for merit pay increases or changes in benefits, if any, to the executive committee, which then formally votes on any such proposal. The effective date of any pay increase or change in benefit is determined by the executive committee and is communicated in writing to the payroll representative by the sitting board president. This process will be reviewed and revised if necessary in 2017.”

“All governing documents, policies and financial statements are made available to the public on request. Some financial documents are available on the organization's website. The organization has adopted a conflict of interest policy, a records retention policy and other policies as required. These are available on request for public inspection.”

“Similar to those used at ripples hill to ensure the houses remain affordable to qualified working families and individuals on mount desert island in the future. Iht also awarded one additional homeownership assistance program grant in 2015, bringing the total number of hoap grants awarded to qualified applicants since 2012 to 11. Applicants who accept hoap grants also subject the year-round homes that are purchased with hoap fund to iht affordability covenants. Iht also completed three additional hoap projects in 2016, bringing the total number of iht covenanted homes through this program to 14.”

“The executive committee of the organization assumes responsibility for the oversight of the compilation of its financial statements and the selection of an independent accountant.”